Oct. 28, 2014, 10:25 AM
Apr. 29, 2014, 3:22 AM
- BP's (BP) Q1 underlying replacement-cost profit, which is equivalent to net profit and strips out inventory gains or losses, dropped to $3.23B from $4.22B a year earlier.
- Revenue declined to $91.71B from $94.11B.
- Production fell 8.5% to 2.13M barrels of oil a day and BP warned that output would fall in Q2 from Q1, mainly due to major maintenance.
- Actual net profit dropped to $3.53B from $16.86B in Q1 2013, when BP was boosted by a $12.5B gain from the sale of its holding in TNK-BP.
- The upstream division's underlying pretax replacement cost profit fell to $4.4B from $5.7B, dragged down by asset sales and a charge of $521M. At the downstream operations, profit tumbled to $1B from $1.6B amid a weaker refining environment.
- Despite the fall in earnings, BP raised its Q1 dividend to 9.75 cents a share from 9 cents last year. (PR)
Feb. 4, 2014, 2:58 AM
- BP's (BP) Q4 underlying replacement cost profit - which strips out the effect of oil-price movements - dropped to $2.8B from $3.9B a year earlier but met analyst forecasts.
- Underlying pretax replacement cost profit at BP's upstream segment fell to $3.9B from $4.4B.
- The decline in profits was mainly due to asset sales, weaker refining margins, and higher depreciation and exploration write-downs.
- Production excluding Russia -1.9% to 2.25M barrels of oil equivalent a day, although underlying output rose 3.7%. BP expects the latter metric to rise this year but overall output to fall.
- The refining marker margin slumped to $11 a barrel from $18.7 a year earlier.
- The provision to cover the Deepwater Horizon oil spill rose slightly to $42.7B from $42.5B.
- Net debt $25.2B vs $27.5B.
- "The result benefited from higher underlying production and a one-off credit to production taxes," BP said. (PR)
BP vs. ETF Alternatives
BP PLC provides energy products and services. The company explores for oil and natural gas and also engages in supply and trading of crude oil, petroleum, petrochemicals products and related services.
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